Posts by Seun

3 Ways To Maintain Profitable Growth For Your Business

January 22nd, 2020 Posted by Uncategorized 0 thoughts on “3 Ways To Maintain Profitable Growth For Your Business”

Moving Your Business Forward

1. Find New Growth Opportunities

No matter what type of company you are, growth is an essential element in keeping a competitive edge while also ensuring future progress. Always begin with identifying your growth opportunities, whether they are consumer based, market based, or even competition based. Create a clear definition and understanding of how different growth strategies can impact your particular business performance. These tasks will help provide you with a direct road-map towards success.

Another important element that becomes an indispensable asset during the stages of business growth is access to a Finance and/or Commercial Director. Having these types of directors devoted to your firm will not only help you move your business forward more seamlessly but it will also help highlight the most profitable and possible growth opportunities for your company. Their wide-spread knowledge of commercial experience, their innate instincts for strategic planning, their talent for unlocking untapped markets, and their steady dedication, will undoubtedly guide you towards sustainable expansion.

2. Be Innovative

Innovation makes it easier to grow, regardless of the size of your business. You might be a small startup, but if you innovate effectively, you can grow your business beyond measure. The same applies to a Fortune 500 company. You might be a huge corporation, but can take even more of the market share if you manage to innovate. It’s easy for innovative companies to grow. Businesses that innovate are able to scale up and add more employees. That allows them to take on more customers and grab a bigger share of the market.

The process of innovation involves finding new growth opportunities for your business. Today’s business environment is constantly changing and these changes are a reality that every business needs to implement innovation into their strategy. Always begin with identifying your growth opportunities, whether they are consumer based, market based, or even competition based. Create a clear definition and understanding of how different innovation strategies can impact your particular business performance. These tasks will help provide you with a direct road-map towards success.

3. Succession Planning

Thinking about the next steps in succession planning? Employee Ownership has been a great method for this. In general, companies that become employee-owned tend to have a steady positive change within their work environment; their workforce becomes re-energised and motivated, which allows for significant growth. Changes around the restructuring of your business aren’t always smooth sailing, but they do have a high impact on improved business performance.

John Lewis Partnerships is the largest employee-owned company in the UK. In the challenging world of retail, the Employee Ownership structure allows the company to plan for the long term. John Lewis’ EO structure highlights the benefits of shared knowledge, power, and profit between employees, which has helped shape the company’s well-renowned culture and encouraged the happiness of its members.

Employee Ownership inspires your employees to get further involved in the company’s vision, as well as its governance. It engages them on a deeper level and motivates them towards reaching the company’s goals.

If you think you may benefit from some guidance in executing these tactics, don’t hesitate to get in touch! We are here to help you move your business forward in the most efficient fashion.

How To Set Your Goals For 2020

January 17th, 2020 Posted by Uncategorized 0 thoughts on “How To Set Your Goals For 2020”

Have you noticed that there are some entrepreneurs who just seem to get it right? Everything they touch seems to turn to gold and they seem to be successful with everything. For the majority of successful people, it’s as simple as this: They write down their goals and stick to them. They have a plan.

So if you haven’t tackled your business goals for the new year, we’re offering some general suggestions to help you get started. These are only recommendations, because in order for goals to truly work, they have to be your own.

Always Be Thinking About Growth

Growth planning can be a stressful and complicated process. Whether you’re a young entrepreneur just starting up or the owner of a well established business, growth planning should be on your mind. Growth is an important part of any business and it’s important to remain competitive and to ensure progress and profits follow. It’s all about identifying your growth opportunities, whether it’s your consumer base, new markets or your competition.

You should be constantly thinking about discovering where your next growth opportunity will come from. From finances and planning to operations and handling suppliers, you can face many challenges to grow your business and move it forward. Therefore it’s crucial to keep growth on the agenda

Get The Right Team Around You

Your employees have direct contact with your customers, so you need to hire people who are motivated and inspired by your business’ value proposition. If your business has future objectives aligned with your employees, you can achieve your goals a lot quicker. Employees appreciate a stronger feeling of teamwork and are less likely to leave the business. Aligning employees with the objectives of the business makes them feel an essential part of the environment.
Developing trust and loyalty with your employees is an absolute must. This will encourage a motivated workforce, employee retention and a healthier work environment. Want to know the secret of creating the perfect team? Combining people who don’t think, act and express themselves in the same way can help your business grow to the next level.

Be Investment Ready

Have you been thinking about raising investment this year? We’re collaborating with Spark! Consulting Ltd on Wednesday 22nd January to help you become ‘Investment Ready’ and provide you with a step-by-step guide to the process. We want to help your business be ready for investment this year and ‘pitch perfect’ when it comes to meeting potential investors.

This session gives you a clear understanding of what investors are looking for and the opportunity to speak with the most experienced Finance and Commercial Directors.

For tickets and more information, click here 

Have You Thought About Your Goals For 2020?

December 18th, 2019 Posted by Uncategorized 0 thoughts on “Have You Thought About Your Goals For 2020?”

Have you given any thought to what you want to be doing in the new year? Are you clear about what your main objective for your business is at the moment? Do you know what you want to achieve ?

When you’re working toward a long-term or ambitious goal, it’s important to break it down into small and manageable steps you can tackle every day. But while you’re focusing on taking it one step at a time, you should make sure you are clear on what you are working towards.

From setting achievable goals to organising your tasks, there are many key ways to ensure your focus is always on the most important/time sensitive thing – whether it’s at work or at home.

Increase clarity about your company’s goals for the new year. Understand and articulate what type of effort will be required, the motivation behind each goal, and why they are important to your business. Create action plans to reach your goals by breaking them down. Turning long-term goals into daily actions will establish commitment to seeing goals through to completion and save you a lot of time in the long run.

By this time of the year you may feel like you have exhausted all of your resources and you may feel stuck on where to go next. This is when you may want to consider opting for outside guidance, especially if you are looking to achieve a significant amount of growth or change in a shorter period of time, ie. before the end of the year.

Everyone loves a problem-solver. But sometimes we spend too much time looking for answers that we just can’t find ourselves. If you find yourself spending your day doing this and it’s taking up most of your time..don’t be afraid to ask for help!

No matter how successful your business has been with just you and your small team working in it, if you want to grow you’ll need to employ people who can do the tasks you may not have time to complete. Invest in the right team so you can move your business forward the smart way, not the hard way.

It’s not easy to find the right people you need to build an effective team, but this is something we could perhaps help you with. We’ve got a team that specialises in finding the missing piece to your puzzle.

5 Business Tips You Need For 2020

December 18th, 2019 Posted by Uncategorized 0 thoughts on “5 Business Tips You Need For 2020”

As an entrepreneur, you may already have a whole range of tips and tricks to help you save time, money, and increase your efficiency. If you feel a little disorganised, don’t fret. We’ve compiled a list of strategies to help you streamline processes, register your ideas, and master your to-do lists as the year comes to an end.

1. Stay Innovative

One of the keys to any successful business is being able to come up with new ideas, improving services or creating dynamic products. Innovation could mean changing your business model and making changes in the existing environment to deliver better products or services. Successful innovation should be a part of your business strategy, where you can create a culture of innovation and make space for creative thinking. It can also increase the likelihood of your business succeeding and can create a more efficient process that can result in better productivity and performance.

2. Don’t Do It All By Yourself

The key to leadership success is to learn to effectively delegate both the responsibility for completing assignments and the authority required to get things done. There are so many different tasks that are involved when running a business, and there will be some that you may not be best at.

So avoid the mistake of trying to do it all and increase the chance of your business succeeding by getting the help you need. Learn how to delegate, hire and outsource to make the most of your skills and benefit from outside expertise. For example, do you really need to do your own financial reporting? Finance Directors have a lot more financial knowledge than you have, more than likely, and can save you a bundle of time (and even money!) during the growth stage of your business.

3. Use Mistakes As An Improvement Tool

Mistakes are what make us. Making mistakes in your business are ultimately what enables you to grow going forward. Everyone has experienced a fair few mistakes when running a business but you should credit them with giving you the tools you need to improve.

To be able to pinpoint all the mistakes and draw valuable lessons, put your goals into perspective. Were they unreasonable? Did you attempt to bite more than you can chew? Then you identify the differences: define the gap between what you expected and what actually happened, and you’ll get just a little bit closer to reasons why the endeavor was unsuccessful.

4. Avoid your email

Want to know one of the biggest distractions in the workplace? Your email. Many people spend their whole morning (and sometimes afternoon) just checking their emails. Don’t go down the black hole of email. Schedule a block of time to check your emails and start with only the most important ones. Check the less important ones at the end of the day after you’ve got all your work done. If you can outsource your email management, do it! You’ll be amazed how much time you can save and how much more productive and less stressed you’ll be.

5. Take Breaks

It is important to stay focused on your work but it is also important to take regular breaks. They allow you to cleanse your mind and come back refocused. Take some time out to take a few breathers throughout the day. Use this time for things like checking your LinkedIn, company’s latest news, or just simply relax. However, be sure to stick to this schedule. Once you start taking quick little breaks to check your phone or what your team is getting up to, your lost time adds up. You waste more time than you’d think.

Part of being a successful entrepreneur is to adopt habits that make you more productive. By using these techniques, you will find that you are better organised and more effective. Remember, if you want to grow a successful business, you must work smarter, not harder.

The tips above will help you eliminate many of the obstacles that make it harder to accomplish your objectives by the end of the year. Not only will these tips make you more effective, but they will also help you avoid the inevitable stress and anxiety involved in business ownership.

Prepare Your Business For Success In The New Year

December 18th, 2019 Posted by Uncategorized 0 thoughts on “Prepare Your Business For Success In The New Year”

As the end of the year quickly approaches, we all begin to dissect what we have accomplished over the past year and we also start to question the opportunities we may have missed out on. These thoughts beg the question, “where do you want to be/where do you want your business to be in the next 12 months?”.

It’s true that you may not be there just yet, but that doesn’t mean that you have failed either. Maybe you haven’t achieved everything you hoped to during this year, but you still have a few days to prepare for your best year yet. You can use this time to focus on reaching your most important business (and personal) goals in order to end the year on a high note.

Here are a few ways you can prepare your business for a successful year:

Be Investment Ready In 2020!

You might wonder why your business should be ‘Investment Ready’. Well, at some point, you will probably contemplate transitioning ownership of your business to the next generation, sell the business to a third party or look to attract equity capital or debt to achieve expansion plans. In any of these scenarios, your business needs to be Investment Ready to maximise the success of your chosen path.

Investment readiness is a process that requires being prepared. Understand your business so you can address all the questions adequately, be clear on what it is you want and your objectives, as it’s as important the investor aligns with this as much as you fulfill their objectives. Anticipate what they are likely to ask and think about certain scenarios. Make sure their potential questions will not expose flaws in your business strategy.

Following the success of our Investment Ready Workshop on Tuesday, we are excited to announce that we’re collaborating with Spark! Consulting Ltd once again to host an exclusive session on Wednesday 22nd January 2020! This is an event you won’t want to miss out on! You’ll be provided with a clear understanding regarding what investors are looking for, and receive a step-by-step guide to the process. We want to help your business be ready for investment in 2020 and ‘pitch perfect’ when it comes to meeting potential investors.

Create an Actionable Plan for the next 12 months

From setting achievable goals for you and your team to organising theirs (and your own) personal tasks, there are many different ways to ensure that you are always able to direct your focus towards the most time-sensitive detail. This should allow you to complete the most crucial tasks before the year ends, which will help give you a head start on the new year’s goals.

As we said, you want your company’s goals to be as clear as they can be so that they are easily understood. To do this, it is important for you and your employees to understand the type of effort required to achieve these goals and the motivation behind them. Clearly articulate to your team why each goal is important to the business and then create actionable plans on how to reach them. Break each goal down by categorising them into long-term goals and daily actions, this will help you establish company-wide commitment towards each goals completion.

Actionable plans will not only motivate your employees to stay on the right track, but they will ultimately help save you time in the long-run as well.

Value Progress over Perfection

One of the biggest things we see that’s holding entrepreneurs back is indecision or imperfection. They put things off for far too long because they aren’t sure of their best course of action, and ultimately decide not to do anything. Celebrate your wins! It is far more important to make steady progress on projects and to get things done than it is to guard against the possibility that any mistakes will be made.

Take these next couple of days to be energised and excited about how far you have come and where you can go next. Continue to take steps towards success, don’t just give up and say “I’ll just wait till next year”. Use the tips above as tools to help move you in the right direction so that you can end this year on the highest note yet.

3 Ways You Can Make The Most Out Of Your Team

November 22nd, 2019 Posted by Uncategorized 0 thoughts on “3 Ways You Can Make The Most Out Of Your Team”

Curating a strong team is the foundation of building a high-performing business and having a well-built team ethic is essential for the success of your organisation. As a business leader, you should actively be looking for different ways to help your team reach its greatest potential.

Below are a few tips to help you get started:

Create a Balanced Culture

Workplace culture and productivity are directly impacted by the people that are apart of your business. It can take years to build an outstanding culture within your business and even longer to establish a noteworthy reputation among the business world. Unfortunately both can be destroyed in a matter of minutes if you are not careful and proactive. In the end, your business can only go as far as your team is willing to take it and as far as they themselves are willing to go.

It’s important that your team is intrigued by what they are doing and understand the relevance of it. This will help them to be more motivated in their everyday tasks and will foster a drive in them to be more open-minded and creative when looking to make improvements on the projects they are working on. However, these practices will not be achieved if you are always looking over their shoulder and inadvertently micromanaging every step they take. Allowing freedom in the decision-making process is the main element that will establish the growth you are trying to achieve.

People tend to become hesitant, uncomfortable, and will even begin to lack confidence in their capabilities in negative and pressure-filled environments. This then leads to sub-par work production, lack of creativity, and ultimately lost innovation opportunities. In order to avoid this kind of disconnect, you need to be able to create a work environment that allows for novel ideas to be born and developed. In order to prosper, an environment of co-operation, creativity, and productivity must be developed and encouraged.

When you build a business culture that is open and accepting, you pave the path for new ideas to be brought forward- your business’ success will no longer be solely dependent on your ability to run the business and your ability to constantly come up with something new.

It’s important to give your employees the chance to have a real impact on the growth of the business, allowing them to feel appreciated, needed, and valued

Consider Employee Ownership

If you are a business owner who is looking to build a highly engaged, committed , and enthusiastic workforce, then Employee Ownership may be a route that you want to consider.

In general, companies that become employee-owned tend to have a steady positive change within their work environment; their workforce becomes re-energised and motivated, which allows for significant growth. Changes around the restructuring of your business aren’t always smooth sailing, but they do have a high impact on improved business performance.

John Lewis Partnerships is the largest employee-owned company in the UK. In the challenging world of retail, the Employee Ownership structure allows the company to plan for the long term. John Lewis’ EO structure highlights the benefits of shared knowledge, power, and profit between employees, which has helped shape the company’s well-renowned culture and encouraged the happiness of its members.

Employee Ownership inspires your employees to get further involved in the company’s vision, as well as its governance. It engages them on a deeper level and motivates them towards reaching the company’s goals.

Understand Your Team Better

The secret to creating the perfect team lies within combining people who think, act, and express themselves in different ways. Diversity makes a large difference in decision making and having members on your team who aren’t all the same will undoubtedly help your business grow to the next level. Being able to have your team achieve peak productivity is a crucial task as a business leader. One way to do this is by understanding the characters on your team; by knowing the way they think and process information, you will be able to push them and your team as a whole towards optimal performance.

There is a healthy friction that develops when you combine people from different backgrounds and set them up in the same work environment. The friction caused by diversity eventually brings about discussions that lead to realisations, which ultimately lead to new breakthroughs for your team and your business. The collection of different thought processes and actions will help your team to reach new heights.

If you find yourself lacking in a particular area, whether it’s recruiting the right people for your business or managing daily operations, there’s always the opportunity to reach out for help.

We have a profiling tool to help you create a ‘Perfect Team’ within any type of business or organisation. This tool provides you with an instant and understandable picture of where everyone on your team lies.

Get in touch with our team to find out more about this: contact@evokemanagement.co.uk

Finance Directors: Indispensable To Moving Your Business Forward

November 19th, 2019 Posted by Uncategorized 0 thoughts on “Finance Directors: Indispensable To Moving Your Business Forward”

As a business owner, you will likely have, at some point, relied on an accountant to set out your financial strategy and undertake leadership of your balance sheet. However, there comes a time where an accountant just doesn’t seem like enough. As you are looking to expand your business, having a Finance Director becomes more and more necessary.

Finance Directors take control of your business’ financial performance and provide a blueprint for improving financial systems, all while helping you and your team meet new goals. Money drives a business, and historical reporting can only be so useful. Finance Directors play a critical role in future forecasting. Their in-depth analysis of your business’ balance sheets will be sure to ensure a profitable future.

Have you downloaded our guide yet?

We released an FD Guide last month which gives you everything you need to know about moving your business forward with a part-time Finance Director. As you approach the next stage of business development, FDs become an indispensable asset in helping to move your business in the right direction.

Whether you view yourself in a position of financial distress or you simply want to improve in certain areas, this guide will give you some insight as to how our trusted and seasoned finance professionals provide you with the advice and skill sets you need
to benefit your business.

What do Finance Directors actually do?

Finance Directors are responsible for outlining KPI’s, monitoring overall operations, and ensuring that your business stays on a path of meaningful growth. These individuals work as part of your team to help deliver a clear vision for the future finances of your business.

They are constantly exposed to tackling a range of financial problems that plague small businesses, FDs are seasoned in protecting businesses from the holes in cash flows that can eventually sink even the largest of ships. This is where guidance from these individuals with such vast experience becomes vital.

How do you know when it’s the right time to get a Finance Director?

Well given that most SME businesses fail within their first year of business, any time is the right time. Investing in a team of professionals that have your company’s best interest at heart is invaluable to your business’ success. The ‘perfect time’ though, would be when you have begun to consider expansion or have shifted your focus towards improving financial performance.

If you want to understand more about how valuable a Part-Time Finance Director can be and how they contribute to moving your business forward, make sure you email contact@evokemanagement.co.uk for our FD Guide. 

Why Innovation Is The Key To A Successful Business

November 15th, 2019 Posted by Uncategorized 0 thoughts on “Why Innovation Is The Key To A Successful Business”

One of the keys to any successful business is being able to come up with new ideas, improving services or creating dynamic products. The process of innovation is more than just coming up with new, creative ideas, but businesses have a much greater task in trying to turn that into an actual product or service that will benefit their clients/customers. Innovation can act as a catalyst that can make your business grow and can help you adapt in the marketplace.

Innovation might just be the most important component of a successful business. Looking at the reasons why innovation is so important will give you a better understanding of why you need to innovate every chance you get.

Here are our three reasons why innovation is the key to the success of your business:

1. Indispensable To Your Business’ Growth

Innovation makes it easier to grow, regardless of the size of your business. You might be a small startup, but if you innovate effectively, you can grow your business beyond measure. The same applies to a Fortune 500 company. You might be a huge corporation, but can take even more of the market share if you manage to innovate. It’s easy for innovative companies to grow. Businesses that innovate are able to scale up and add more employees. That allows them to take on more customers and grab a bigger share of the market.

The process of innovation involves finding new growth opportunities for your business. Today’s business environment is constantly changing and these changes are a reality that every business needs to implement innovation into their strategy. Always begin with identifying your growth opportunities, whether they are consumer based, market based, or even competition based. Create a clear definition and understanding of how different innovation strategies can impact your particular business performance. These tasks will help provide you with a direct road-map towards success.

2. Helps You Remain Ahead Of Competition

The right innovation will allow you to offer something unique to your customers. Let’s say, for example, you manufacture light bulbs. Tons of companies also manufacture light bulbs, and you need to stand out in some way. You can do that through innovation. For instance, what if you managed to create a light bulb that automatically turned off when people left the room? That’s a crazy example, but that’s how some of the best innovations work. Top innovators take popular products and make them even better. That makes brands stand out in the market and makes it easy for your business to increase revenue.

When you think innovatively, it becomes very easy to beat out your competition. You just need to put in a little creativity and you can easily come up with better ways to design products and connect with customers. Along with this, creativity will help you figure out the right marketing techniques that will help your business grow.

3. Allows You To Meet Your Clients/Customer’s Needs and Expectations

Customer needs are constantly changing. One day, your customers might need exactly what you have to offer, and the next day, they might need something else. Innovators predict changes in the market and provide solutions before people even realize they need them. You cannot meet your customers’ needs on a long-term basis unless you are willing to innovate. If you remain stagnant, your business will eventually flounder. You have to come up with new ideas that excite your customers and meet their needs if you want to have staying power.

Generally, your customers will see innovation as something which adds value to products or a company. When this is used the right way, it can give you an advantage commercially, especially in a market that is saturated or shifting rapidly. This innovation can get your more positive exposure in the media and your customers will be more willing to pay the extra money for something that is well-designed and new, rather than picking the less exciting and cheaper rival.

Innovation could mean changing your business model and making changes in the existing environment to deliver better products or services. Successful innovation should be a part of your business strategy, where you can create a culture of innovation and make space for creative thinking. It can also increase the likelihood of your business succeeding and can create a more efficient process that can result in better productivity and performance.

You as a business owner need to implement innovation and creativity into your business strategy- try adopting and creating new ideas that will help you grow beyond your competition!

There’s 50 Days Left In The Year, Make The Most Of It

November 12th, 2019 Posted by Uncategorized 0 thoughts on “There’s 50 Days Left In The Year, Make The Most Of It”

As the end of the year quickly approaches, we all begin to dissect what we have accomplished over the past year and we also start to question the opportunities we may have missed out on. These thoughts beg the question,”where do you want to be/ where do you want your business to be when the clock strikes midnight on January 1st, 2020″.

It’s true that you may not be there just yet, but that doesn’t mean that you have failed either. Maybe you haven’t achieved everything you hoped to during the last 11 months, but you still have 50 days to make it count- to push harder. There is a whole month and a half left to focus on reaching your most important business (and personal) goals in order to end the year on a high note.

Here are a few tips on how make the next 50 days count:

Clarify Your Vision

When you keep leading a team without a clear vision, it is very difficult to actually get somewhere. While everyone may be working extremely hard, they may not be working towards or prioritising the same goal- which would explain why the goals you, as a business leader have deemed the most important, are not being achieved.

A clean and clear vision helps bring a team together by giving them a common goal to work towards. Rather than your team just mindlessly working on random tasks, they will easily be able to work together in order to help move your businesses to that glowing end of the year goal.

As an entrepreneur, it is not uncommon for your vision to slightly change over time. You want it to be an inspirational picture of the future of your organisation but you also want it to be easily definable and achievable. You should always be looking to answer the question: where are we going? Then you need to be able to clearly communicate that destination with your team. It is likely that you may not know exactly how to get there just yet, but it is important that your team still understands where it is that you want to end up.

Over the past 11 months you may have tried different paths to get there, this is your chance to try one more avenue before the year ends.

Create An Actionable Plan

From setting achievable goals for you and your team to organising theirs (and your own) personal tasks, there are many different ways to ensure that you are always able to direct your focus towards the most time-sensitive detail. This should allow you to complete the most crucial tasks before the year ends, which will help give you a head start on the new year’s goals.

As we said, you want your company’s goals to be as clear as they can be so that they are easily understood. To do this, it is important for you and your employees to understand the type of effort required to achieve these goals and the motivation behind them. Clearly articulate to your team why each goal is important to the business and then create actionable plans on how to reach them. Break each goal down by categorising them in to long-term goals and daily actions, this will help you establish company-wide commitment towards each goals completion.

Actionable plans will not only motivate your employees to stay on the right track, but they will ultimately help save you time in the long-run as well.

Bring In An Outside Perspective

By this time of the year you may feel like you have exhausted all of your resources and you may feel stuck on where to go next. This is when you may want to consider opting for outside guidance, especially if you are looking to achieve a significant amount of growth or change in a shorter period of time, ie. before the end of the year.

One way to ensure that your business is on the appropriate path for growth is making sure that your company is implementing the correct methods of financial planning and strategy. Outside expertise can make a massive difference for your business, especially if your business is still smaller than you hoped to be by this point in the year. In addition to bringing a sustainable long-term strategic plan that will help you improve your business while remaining profitable, they also bring fresh perspectives and help point out challenges you may have not even noticed existed.

Trying new things without guidance could potentially lead to making easily avoidable and very costly mistakes. However, trying new things with the proper advice and having a hand to lead you through the common roadblocks can truly benefit you and help your business reach its greatest potential. Now may be the time to consider how much your business could truly benefit by bringing a part-time director on board.

Remember to not be too hard on yourself as this year comes to a close. Don’t let the end of the year be a time where you constantly evaluate yourself and your business- use it as a time for growth, motivation, and determination.

Take these next 50 days to be energised and excited about how far you have come and where you can go next. Continue to take steps towards success, don’t just give up and say “I’ll just wait till next year”. Use the tips above as tools to help move you in the right direction so that you can end this year on the highest note yet.

4 Ways To Keep Up With Changing Business Trends (No.3 is Key)

November 8th, 2019 Posted by Uncategorized 0 thoughts on “4 Ways To Keep Up With Changing Business Trends (No.3 is Key)”

We have all seen our fair share of popular businesses being struck down and pulled in to the graveyard as a result of not being able to keep up with the ever-changing trends in business. The business world is always evolving and when businesses lack to evolve with it, their struggles become evident and we witness their untimely demise.

Technology has come to rule our world- digital trends, habits, and ideas come and go faster than England’s summer. Leading businesses don’t allow themselves to be shocked by these sudden changes. Just as every Londoner has a coat stashed in every corner, these businesses are constantly on their toes, ready to change and adapt their techniques/practices in an instant.

Whether you are an SME business just getting started or a well-established business giant, it is vital for your survival that you always try to stay up to date, or even better, ahead of the current trends.

Here are a few tips and tricks to help you stay ahead of the game:

1. Find New Growth Opportunities

As we said, today’s business environment is constantly changing. These changes are a reality that every business owner must face- refusing to do so will only have adverse effects on your company.

One way to handle these changes is through growth, which can be measured in terms of both revenue and profit. No matter what type of company you are, growth is an essential element in keeping a competitive edge while also ensuring future progress. Always begin with identifying your growth opportunities, whether they are consumer based, market based, or even competition based. Create a clear definition and understanding of how different growth strategies can impact your particular business performance. These tasks will help provide you with a direct road-map towards success.

Another important element that becomes an indispensable asset during the stages of business growth is access to a Finance and/or Operations Director. Having these types of directors devoted to your firm will not only help you move your business forward more seamlessly but it will also help highlight the most profitable and possible growth opportunities for you company. Their wide-spread knowledge of commercial experience, their innate instincts for strategic planning, their talent for unlocking untapped markets, and their steady dedication, will undoubtedly guide you towards sustainable expansion.

2. Pay Close Attention To Your Clients/Customers

Your customers are the heart and soul of your business. Long gone are the times of devote brand loyalty; today you have to make your customers want you, you have to prove that you are the best choice out there. It is human nature that people like to feel valued and important, so it is essential that you integrate this into your business practice. Make your customers feel special, make them want to come back for more.

Furthermore, people’s habits, styles, and wants are always changing and it is imperative that you are constantly aware of this. Always keep an eye out for what your customers are up to and what they are eyeing at the time. Make sure that your products and services are staying up to date and relevant to what is going on in the consumer world at all times.

It is also important that you continually ask for feedback. Seeking advice on what you can improve, and how, will not only allow you to be at your best, but it will always show that you value your customers opinions.

3. Remain Competitive

Be a hawk- always watch the world around you. Being in-tune to what is going on around you in the business world is another vital aspect for sustaining a competitive advantage. Whether or not you believe you have direct competition, you do, or you will very soon. New companies are constantly stepping foot into the business world and chances are, one will eventually begin to step on your toes as well. It is important to be aware of your market and keep an eye out for the encroaching competition. Additionally, your current competition may spot a new path before you and begin laying the bricks before you even get the chance to know what is happening. Don’t let that discourage you from taking the lead though, stay on top of them and push back harder and stronger.

Three ways to help remain competitive:

1. Be aware of what other companies are doing and if you aren’t on par with them- get there ASAP. For example, if your main competitor is gaining more traction by integrating a new interactive website, it may be wise of you to take a look at how your company looks online. Do you have the same type of presence? How can you improve? What can you do to gain more traction?

2. Learn from your competitors mistakes- and everyone mistakes for that matter. Find out what is the root cause of the mistakes are making and then pick up the slack. Fix the problems they may not have been able to, but only if you are confident that you can, you don’t want to hurt yourself in this process as well.

3. Highlight what makes you stand out. Differentiate your products/services and highlight the aspects that your competitor’s offerings lack. Additionally, take a look at what your competition is missing. Can you potentially be the one to give it to market?

4. Network, Network, Network

One of the easiest ways to stay on top of the game and be in the know about the latest trends is through networking. Nothing compares to just getting out there and having a chat with the best of the best within your industry- or even other industries, there is always more to learn! By aiming to attend networking events at least once a month, you will be exposing yourself to a breadth of knowledge and breath of fresh air.

Networking will also help you create and maintain quality relationships with like-minded business moguls. It will allow you to bounce ideas off of one another, while gaining insight into future trends that you may not have been previously aware of. People may not be willing to spill their best secrets, but by listening closely, you may be able to spot trends in their success stories.

Do you think you have the right tools and knowledge to implement these tips and tricks in to your business effectively?

If you think you may benefit from some guidance in executing these tactics, we are here to help you move your business forward in the most efficient fashion.

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